EaseMyTrip's Nishant Pitti Withdraws From Go First Bid as the Startup Registers Loss in Q4 Notably, EaseMyTrip reported a loss in the quarter due to write-offs of Go First's dues
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Online travel platform EaseMyTrip's co-founder and CEO, Nishant Pitti, took to platform X to announce the startup's decision to withdraw of his personal bid from the Go First (formerly GoAir) acquisition process.
"After careful consideration, I have decided to withdraw from the GoAir bid in my personal capacity. This decision allows me to better focus on other strategic priorities and initiatives that align with our long-term vision and growth objectives. Our commitment to delivering exceptional value and service remains unwavering as we continue to navigate new opportunities and challenges," said Pitti in an official statement.
We have decided to withdraw from the GoAir bid to concentrate on our core areas of strength. Our focus remains on leveraging our expertise and resources to achieve sustainable growth and success. https://t.co/soT90qVHAU
— Nishant Pitti (@nishantpitti) May 25, 2024
Notably, Pitti (via Busy Bee Airways) entered into a partnership with SpiceJet promoter Ajay Singh for a joint bid to revive the low-cost carrier in February. The EaseMyTrip leader aimed to infuse INR 500 crore for the revival process. Go First received two bids, with the other one being from Jaideep Mirchandani-owned Sky One Airways.
In March, the Pitti-Singh raised INR 150 crore for the bid. For the Q4 FY24, the online travel booking reported a loss of INR 15.07 crore on a consolidated basis, while reporting a Profit After Tax of INR 103.46 crore for the financial year. PAT was down by INR 31.05 crore a year ago when it stood at INR 134.10 crore. Its total income for the Q4 FY24 rose to INR 172.55 crore, as against INR 120.79 crore in the year-ago period.
Notably, EaseMyTrip reported a loss in the quarter due to write-offs of Go First's dues.
